South Africa’s central bank, citing potential inflation risks, may consider raising interest rates again. The MPC left the policy benchmark at 8.25% in its last meeting after ten consecutive rate hikes, summing up to a total increase of 475 bps since November 2021. While inflation dropped to 5.4% in June, it remains above the central bank’s 4.5% target midpoint. The bank aims to stabilize inflation at this midpoint by 2025, monitoring inflation expectations for signs of moderation.